Ace Hotel Group will continue to manage the hotel on behalf of the new owner.

Adam Wilson, vice president in JLL’s hotels and hospitality group which represented Starwood on the sale, said: “This sales process attracted over £1 billion of equity from all over the globe and is indicative of the insatiable appetite for London hotel real estate.”

Nick Chadwick, vice president of Starwood added: “We were early in recognizing the potential of Shoreditch to emerge as one of London’s hottest neighbourhoods.”